Aegon to cut 600 staff

Aegon UK is looking to lose up to 600 jobs to balance out its purchase of IFAs in a bid to become a top 5 player. Most of the jobs are likely to go at its Edinburgh headquarters. It says investments in technology will lead to cost savings of £40m by next year.

Aegon UK group chief executive David Henderson says the move is a consequence of volatile stockmarkets and pressures on profit margins.

Recommended

The winding-up of finalsalary schemes and the shift from defined-benefit to defined-contribution schemes offers IFAs significant business opportunities, according to employee benefit specialist Jardine Lloyd Thompson. The company says the complexity of scheme termination presents IFAs with a clear opportunity to advise on employers&#39 responsibilities. It identifies how prompt actuarial and investment advice on the […]

One in five UK voters believes the improved pension deal that MPs passed for themselves in July is disgraceful and more than a quarter think that the extra cash should be used to boost the state pension, according to research conducted for stockbroker Comdirect. The survey reveals that 21 per cent of people think the […]

Sixty per cent of UK workers believe they should be compelled to pay into a company pension scheme in addition to State pension contributions, according to a survey for the National Association of Pension Funds. Public awareness of which Government department deals with pensions is virtually non-existent with only 7 per cent naming the Department […]

The ABI&#39s European sentry is finding his skills learnt as an anti-apartheid campaigner useful in trying to negotiate to find harmony between the EU and the UK insurance industry. As head of European affairs, Simon Gentry says his job is to manage a team that scans for EU developments affecting the UK insurance industry and […]

Newsletter

Latest from Money Marketing

Independent governance committees at big-name pension providers are failing to safeguard the interests of savers and the FCA must take action, fresh research finds. In 2015, the FCA required contract-based pension providers to appoint IGCs to act as champions of savers’ interests. IGCs are required to publish annual reports to increase transparency and encourage comparison […]

The FCA is reviewing the content of its pension transfer specialist examination standard in light of recent issues with pension transfer advice, Money Marketing understands. The regulator does not offer qualifications but it does have a role in setting standards for exams and publishes “appropriate examination standards” guidance. Money Marketing understands a working group, mostly […]

Building on auto-enrolment’s success and fine tuning the pensions dashboard are high on the list As I write my first Money Marketing column of the year, it has given me an opportunity to look back on what the Government has done to transform pensions and savings for people since 2010. Five years on from the […]